Indian Angel Network backs fashion startup 6Degree
The Indian Angel Network has invested $200,000 (Rs 1.3 crore) in tech-enabled fashion startup 6Degree, which is operated by Protinus Fashion Networking Pvt Ltd.
Abhishek Agarwal, the lead investor from the IAN, will join the startup’s board, the company said in a statement.
“We are planning to allocate the funds to enhance our technology and expand our reach. The funds will also be deployed in expanding our bespoke fashion services and launching first-of-its kind enterprise solutions for Fashion Weeks,” said Amit Bhardwaj, co-founder and COO of 6Degree.
The firm claims to have ended its first financial year with revenue in excess of Rs 1 crore.
6Degree was started in 2014 by Nikhil Hegde, who is CEO, and Bhardwaj. Through its tech platform, it brings together fashion designers, bloggers, brands, models and photographers. It is also associated with events such as the Lakme Fashion Week, India Fashion Week London and Fashion Forward Dubai.
The IAN’s most recent funding deals include investments in Delhi-based city guide Little Black Book, entertainment firm Roast Media Pvt Ltd, which operates mobile entertainment app Roast and robotics startup SP Robotics Works .
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Protinus Fashion Networking Pvt Ltd. (formerly known as 6Degree Networks Ltd.) owns and operates an online technology platform for fashion community under a brand name of 6degree.co. The firm provides a platform that serves as a place where fashion professionals can showcase their work online and offline, discover other like-minded professionals, network and grow their business within the fashion community. It also provides plethora of products and services entailing online fashion platform, dedicated fashion job portal, fashion event associations and an end-to-end brand consultancy service for fashion professionals. The firm provides services including fashion networking, fashion job portal and brand consultancy. It allows professionals from the fashion ecosystem to connect and collaborate with new business opportunities, launch brands and showcase their creations. The company was founded in 2014 and is based in Bengaluru, Karnataka.
Indian Angel Network Services Pvt. Ltd. is a group of angel investors including entrepreneurs and chief executive officers. It provides funding solutions to startup and early stage ventures operating in various sectors such as agriculture, food processing, banking, financial services, biotech, pharmacy, life sciences, clean tech, water, education, healthcare, information technology products and services, media, entertainment, mobile value added services, retail, telecom, embedded domains, travel, tourism, hospitality, knowledge process outsourcing and business process outsourcing. The company invests between $0.3 million and $1 million with an average of about $0.4 million to 0.6 million and exiting over a 3 to 5 year period through a strategic sale. The company was founded in 2005 and is based in New Delhi, India.